BREAKING: Coinbase plans to raise $1.5B via debt offering
Coinbase announced a $1.5 billion bond sale shortly after the SEC threatened to sue the firm over its lending program.
Coinbase, the largest cryptocurrency exchange in the United States, is planning to raise $1.5 billion via a debt offering, the company officially announced Sept. 13.
The Nasdaq-listed crypto exchange is looking to use the capital raised to further grow the company’s balance sheet for general corporate purposes as well as potential investments and acquisitions of other companies, products or technology, Coinbase said.
The news comes amid Coinbase facing increased attention from securities regulators, with the U.S. Securities and Exchange Commission (SEC) threatening to sue the exchange over its upcoming crypto lending program last week. Coinbase CEO Brian Armstrong pointed out that there are a number of other crypto firms on the market that currently provide similar lending services to their customers.
This article is developing and will be updated.